Argus Begins Coverage on Maplebear (NASDAQ:CART)

Argus started coverage on shares of Maplebear (NASDAQ:CART) in a report released on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $52.00 price target on the stock. Argus’ price target points to a potential upside of 20.85% from the company’s previous close.

Several other analysts have also commented on CART. Robert W. Baird cut their target price on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. Fox Advisors lowered Maplebear from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 18th. Benchmark decreased their target price on Maplebear from $67.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Piper Sandler downgraded Maplebear from an “overweight” rating to a “neutral” rating and set a $41.00 target price for the company. in a report on Friday, October 3rd. Finally, Jefferies Financial Group increased their price target on Maplebear from $41.00 to $48.00 and gave the company a “hold” rating in a research report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.16.

Maplebear Price Performance

Shares of NASDAQ CART opened at $43.03 on Wednesday. The firm has a market capitalization of $11.30 billion, a PE ratio of 23.64, a P/E/G ratio of 1.14 and a beta of 0.97. Maplebear has a 1-year low of $34.78 and a 1-year high of $53.50. The business’s fifty day moving average price is $42.41 and its two-hundred day moving average price is $43.58.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Equities research analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Fidji Simo sold 3,051 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $39.60, for a total value of $120,819.60. Following the sale, the director owned 570,756 shares of the company’s stock, valued at $22,601,937.60. The trade was a 0.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,525 shares of company stock worth $521,304 over the last three months. 26.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. boosted its stake in shares of Maplebear by 78.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 884 shares of the company’s stock worth $32,000 after acquiring an additional 389 shares in the last quarter. Allworth Financial LP boosted its position in Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock worth $34,000 after purchasing an additional 244 shares during the period. Sunbelt Securities Inc. grew its holdings in Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new position in Maplebear during the third quarter valued at approximately $43,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Maplebear in the second quarter valued at approximately $53,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.